Help to Buy deadline brought forward
Since launching in 2013, the Help to Buy Equity Loan scheme has helped thousands of people to buy their first home.
However, it was announced last month that this popular scheme will stop accepting applications five months before it officially ends in March next year. The deadline for final applications is 6pm on 31st October 2022 and purchases must be completed by 31st March 2023.
Under the Help to Buy scheme, first-time buyers purchasing a new-build home can pay a deposit of just 5% of a property’s value. Buyers can also take an equity loan of up to 20% of the cost of a new-build home (up to 40% in London), which is interest-free for the first five years. Regional price caps range from just over £186k in North East England to £600k in London.
If you are a first-time buyer looking for a new-build home, there is still time to take advantage of the Help to Buy scheme.
Click to view the range of properties for sale in your area.
*Property Reporter
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Latest news
Shared ownership: Is it a stepping stone or a trap?
Shared ownership is one of the most widely discussed routes onto the property ladder for first-time buyers who cannot afford to purchase outright.
Conveyancing Explained: What Happens Between Offer and Completion
The moment a seller accepts an offer feels like the conclusion of a long process.
Why Families Are House Hunting Right Now Instead of August
The family buyer is the most time-constrained purchaser in the property market.
The Green Upgrades Tenants Actually Care About vs The Ones They Don't
The language around energy efficiency in rental properties has become increasingly technical.
